News

Indexo Real Estate Fund, managed by Provendi Asset Management, expands its portfolio with a new international acquisition – a shopping centre in Lithuania, with the long-term tenant being a DEPO DIY store. This is a significant step in the company's strategy, marking its first real estate purchase outside of Latvia.

The shopping centre Gaiļezers, owned by the Provendi Asset Management managed Indexo Real Estate Fund, has leased premises to the LPP Latvia Ltd represented internationally recognized clothing and home goods brand Sinsay. Approximately €150,000 have been invested in the renovation and adaptation of the premises for the new tenant, while the tenant's investments in the leased premises amount to several hundred thousand euro. The official opening of the store is scheduled for Saturday, August 10.

Provendi Asset Management, the manager of Indexo Real Estate Fund (the Fund), is pleased to announce that in less than a year, 100 apartments have been leased in the Fund's property at 89 Elizabetes Street, which received the Baltic Real Estate Leaders Forum’s (BREL) Revitalized Project of the Year award in 2023. This recognition can be considered a very good achievement.

At the end of 2023, renovation works in an eclectic style building at Pulkveza Brieza Street 10 have been completed. The total floor space of the building is 4,582.5 m2, and it will offer 85 comfortable and fully furnished apartments for long-term and short-term rent. The building is located in the UNESCO World Cultural and Natural Heritage site Riga Historical Center, and almost EUR 5 million have been invested in its renovation.

The Indexo Real Estate Fund has acquired two shopping centers - Gaiļezers in Riga and Rimi Hypermarket in Tukums. The deal for the Rimi Hypermarket shopping center in Tukums is one of the largest real estate transactions outside of Riga in recent years.

Indexo Real Estate Fund, managed by Provendi Asset Management, has signed an agreement with Norwegian investment holding LATPRO 2 A/S to acquire shopping centres RIMI Gaiļezers and RIMI Tukums. The total cost of the acquisition of the two properties is EUR 25 million. The acquisition of the shopping centre in Tukums is one of the largest real estate transactions outside Riga in recent years. Transaction was financed by a long term loan from BluOr Bank.

The project developed by Indexo Real Estate Fund – historical Art Nouveau residential house on 89 Elizabetes Street has been recognized as the year’s best revitalized project in Latvia at the Baltic Real Estate Leaders Forum (BRELF). The winner in the category was established in a public vote in September this year.

Provendi Asset Management has signed an agreement with insurance technology company Balcia to invest EUR 1 million in Indexo Real Estate Fund. Balcia's investment, alongside investments already made in the fund by institutional and private investors, will enable Indexo Real Estate Fund to consider increasingly ambitious properties across the Baltics.

A project developed by Indexo Real Estate Fund - the historic Art Nouveau property at 89 Elizabetes Street has been nominated for the Baltic Real Estate Leaders Forum (BRELF) Award in the category Best Revitalized Project 2023. The winner will be decided very soon by a public vote and professional jury. The public vote is open until October 1 and is available on the BRELF website: https://www.brelforum.com/brelf-awards-2022-announcement/.

Indexo Real Estate Fund, a real estate investment fund launched in Latvia at the beginning of 2023, has built up a real estate portfolio in six months and continues to invest actively. This month, the fund has signed an agreement to acquire two shopping centres in Latvia, bringing the total amount of assets already owned by the fund and under acquisition to 50 million euros.

Renovation works on a restored historic Art Nouveau property at 89 Elizabetes Street have been completed at the beginning of 2023. The total floor space of the building complex is almost 5,000 m2, including the main facade building with three blocks in the yard and a separate historical wooden building.

The multi-apartment rental house offers 108 furnished apartments with a floor space from 18 m2 to 55 m2. 

Indexo Real Estate Fund has launched a collaboration with one of the leading real estate companies in Latvia, LLC Vestabalt, on management and rent of the properties in the fund’s portfolio.